'Imbosster Syndrome' hits confidence of sole traders

Research published by MYOB's Solo app points to a confidence gap among Australian sole operators, linking self-doubt to delayed decisions and slower business progress.

In a survey of 550 sole operators, 32% said they felt they were "making it up as they go". Another 45% worried they were not doing enough or did not know enough, and 22% said they had felt like they were "just pretending" to be a business owner.

Solo has dubbed the pattern "Imbosster Syndrome", describing it as a feeling of "playing business" rather than running one. The findings come as more Australians choose self-employment over salaried roles, leaving many to manage administration, compliance and customer payments without organisational support.

Gender split

The research suggested a marked difference between men and women. It found 29% of female sole operators had felt like imposters, compared with 13% of men. The survey did not break results down by industry, age or business tenure.

The research also linked low confidence to business decisions. More than half (52%) said they had delayed or avoided a decision because they lacked confidence, while one-third (33%) believed self-doubt had directly held their business back.

Money concerns were the most common trigger. Financial uncertainty fuelled self-doubt for 54% of respondents. Working alone was cited by 29%, and 28% pointed to fear of making mistakes, particularly around tax and compliance.

Nearly one in five said they had already made an error related to tax or compliance. The results highlight how regulatory obligations and record keeping can weigh on sole operators, especially when income fluctuates and support networks are informal.

Admin focus

Solo is positioning its product around these pressures. The app combines invoicing, payments, banking visibility, expense tracking, record keeping and GST tracking in a mobile format. It also offers cashflow visibility features, guided workflows, educational support, and tools for working with accountants and bookkeepers.

Early MYOB data suggests Solo app users can save up to 17 hours a month on administration. MYOB said the time saved could be redirected to billable work, business growth or time away from work.

The survey also pointed to an emotional link between business performance and personal wellbeing. It found 58% said business achievements made them feel personally successful. At the same time, 39% said that when their business was not performing, they felt like a failure in life.

The findings sit within a broader trend in small business technology, as software providers promote tools that bring banking data, invoicing, tax preparation and reporting into one place. The shift has been driven by demand from smaller operators for simpler workflows and clearer financial visibility.

MYOB has used the Solo brand to focus on sole operators rather than larger small and medium-sized businesses. It describes the app as built specifically for Australian sole operators and aligned with local tax settings, including GST and ATO record keeping requirements.

Sally Davies, General Manager, Solo by MYOB, said the confidence gap reflects how many sole operators juggle multiple roles at once.

"Most sole operators didn't start because they felt fearless; they started because they believed in an idea and wanted to give it a go," Davies said.

She said the day-to-day reality is managing both the work and the administration.

"But when you're the boss, the bookkeeper, the admin assistant and the debt collector all at once, confidence takes a hit fast," she said.

Davies said action and organisation can shift how sole operators feel about running a business.

"People think confidence comes before action, but for most sole operators it's the other way around," she said.

She linked that to routine financial visibility and compliance management.

"When you can see your money clearly, stay on top of tax, and feel organised day to day, you make better decisions and confidence follows," she said.

MYOB expects the Solo product roadmap to keep focusing on administration workflows, banking visibility and tax-related record keeping, as sole operators look for simpler ways to manage compliance and cashflow while working alone.